The UK Government has signed a landmark agreement with the Swiss government over taxation of undeclared Swiss bank accounts. This guide answers some questions on the agreement. The UK and Swiss governments have agreed a deal on Swiss bank accounts. Do I need to be concerned? If you have funds in a Swiss bank account and you have not declared the income or gains earned on that account to HM Revenue & Customs (HMRC) you are likely to be affected by the agreement. Even if you have declared the income and gains from your Swiss bank account, you may also be affected. The agreement marks a change in the way that banking will be conducted in Switzerland and further advice should be taken in relation to your particular circumstances. Account-holders who do not take action (see below) will have their Swiss bank account subject to a levy, even if the income and gains arising has been declared to HMRC. The agreement will give HMRC the ability to obtain information on named individuals
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